Adani Group Offloads Stakes Worth Rs 15,446 Crore To GQG Partners Via Block Deals

Shares in Adani Ports and Special Econmomic Zone Ltd (APSEZ), Adani Green Energy Ltd, Adani Transmission Ltd, and Adani Enterprises Ltd were sold through secondary market block deals

On Thursday, shares of all ten Adani Group companies settled higher.

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Adani Group on Thursday sold shares in four of the conglomerate's listed companies to US equity investment boutique GQG Partners for Rs 15,446 crore. In a statement, the Adani Group said shares in Adani Ports and Special Econmomic Zone Ltd (APSEZ), Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprises Ltd (AEL) were sold through secondary market block deals.

"The investment has made GQG a key investor in the development and growth of critical Indian infrastructure," Adani Group said in a statement. Jefferies India Private Limited was the Sole Broker for the transaction.

Rajiv Jain, Chairman and CIO of GQG Partners, said, “I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world. Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.”

Jugeshinder (Robbie) Singh, Group CFO of Adani Group, said: “We are delighted to complete this landmark transaction with GQG. We value GQG’s role as a strategic investor in our infrastructure and utility portfolio of sustainable energy, logistics and Energy Transition. This transaction marks the continued confidence of global investors in the governance, management practices and the growth of  Adani Portfolio of companies.”

On Thursday, shares of all ten Adani Group companies settled higher. Shares of Adani Transmission rose 5 per cent, Adani Green Energy rose 4.99 percent, Adani Wilmar rose 4.99 percent, and Adani Power jumped 4.98 percent. 

This comes a day after Adani management informed investors that it anticipated prepaying or refunding share-backed loans totaling $690 million to $790 million by the end of March.

Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

The Supreme Court has formed a six-member expert committee on the Adani-Hindenburg row which will be headed by retired judge Justice AM Sapre will head the committee. The court has also directed regulator Sebi to conduct a probe to ascertain if there were irregularities or manipulation of stock prices. The court has asked the regulator to conduct the probe and submit a status report in two months.

Adani Group Chairman Gautam Adani said. ''The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail''.